Credo Brands Marketing Limited owner of casual wear brand Mufti reported a 14 percent increase in net profit to Rs 10 crore ($1.2 million) for the April-June quarter, as against Rs 8.5 crore in the year-ago quarter.
The company’s revenue for the quarter rose by 5 percent to Rs 124 crore, as against Rs 118 crore in the corresponding quarter of the previous fiscal year.
Commenting on the results, Kamal Khushlani, chairman managing director of Credo Brands in a statement said, “The market for premium and mid-premium branded apparel continued to be subdued due to consumer behaviour influenced by an inflationary environment and a nationwide heatwave. Despite a difficult market, our SSSG growth for the quarter stood at 3%. Improved demand and increased foot traffic are anticipated in H2 FY25, driven by the marriages and upcoming festival season.”
“Looking ahead, for FY25 the Company aspires to achieve mid-teens revenue growth backed by new store openings in new and existing geographies and subject to recovery in overall industry demand for premium and mid-premium brands. The company is also targeting to improve profitability through implementation of various cost efficiency measures,” he added.
During the April-June quarter, the company added 5 net new stores taking its total store count to 430. It plans to open between 25-30 new stores before the end of the current financial year.
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